From the release notes I’d guess it’s not as simple as flipping a switch if at all possible. Unreal Engine 5.0 Release Notes | Unreal Engine 5.0 Documentation
Since Large World Coordinates uses the double type, the PhysX physics system is not compatible with UE5.
PhysX is no longer a supported Physics backend in UE5. Additionally, UE5 provides new Vehicle and Destruction systems that are not backwards compatible with UE4 PhysXVehicles and ApexDestruction.